JINHUA, China, Jan. 16, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that the two institutional investors (the "Investors") to whom the Company issued Series A, B and C Warrants (the "Warrants") in connection with a direct registered offering in June, 2013, have exercised all their outstanding Warrants. All of the Series A and C Warrants were exercised on January 15, 2014, resulting in the issuance to the Investors of an aggregate of: (i) 1,750,415 shares of Common Stock pursuant to the exercise of the Series A Warrants at an exercise price per share of $7.24, and (ii) 291,574 shares of Common Stock pursuant to the exercise of the Series C Warrants at an exercise price per share of $8.69. Previously on January 3, 2014, and, January 6, 2014 all of the Series B Warrants were exercised by the Investors, which resulted in the issuance of an aggregate of 728,936 shares of Common Stock at an exercise price per share of $7.24. As a consequence of the exercise of all of the Series A, B and C Warrants by the Investors, the Company received aggregate cash proceeds of $20,484,279. FT Global Capital, Inc. acted as the solicitation agent for the exercise of the Series A, B and C Warrants.
Following the warrant exercises described above, on January 15, 2014, the Company sold to the Investors warrants to purchase an aggregate of 1,429,393 shares of the Company's common stock, par value $0.001 per share ("Common Stock") at an exercise price equal to $15 (the "Private Warrants") for a total purchase price paid by the Investors to the Company of approximately $14,293. If the Private Warrants are fully exercised on a cash basis, the Company could receive gross proceeds of approximately $21,440,895. Neither the Private Warrants nor the underlying shares of Common Stock issuable upon the exercise of the Private Warrants have been registered under the Securities Act and neither may be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
For further details, please see the Form 8-K filed with the SEC. The form of the Private Warrants will be filed as an exhibit to a Current Report on Form 8-K expected to be filed by the Company with the SEC today.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as the one of the world's largest manufacturer of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.